Sale of sprawling Guelph provincial office complex moving foward

Stone Road Complex

GUELPH — The process of selling off the large provincial office complex at 1 Stone Rd. is expected to conclude this year.

Several businesses have expressed interest in purchasing 1 Stone Rd. W. in recent months. The Liberal government is selling the building and like properties in seven other Ontario cities in an attempt to bring in revenue to reduce the province’s deficit.

“Infrastructure Ontario received many positive responses (relating to the proposed sale of 1 Stone Rd. W.) and established a list of qualified potential bidders with the required experience, expertise and financial strength to manage the buildings,” said the Ministries of Energy and Infrastructure’s Heather Kamps, this week, via email.

“The next step is to invite the investors to respond to a Request for Proposals that will be issued in the coming months.”

The province announced its intention to sell the Guelph property and ones in Toronto, North Bay, Thunder Bay, Peterborough, Oshawa, and St. Catharines last March. At the time, Infrastructure Minister Bob Chiarelli said selling the eight buildings could bring the province $500 million in revenue and save the province almost $300 million over the next 30 years.

The province has never indicated a price it is seeking for the Guelph asset. When approached about the building’s market value, Kamps said: “It would be premature to comment further at this time.”

Guelph MPP Liz Sandals explained that, between proposals and negotiations, the process could take months.

The province is seeking to lease office space in the properties it is selling in this program.

Sandals said the Ontario Ministry of Agriculture, Food and Rural Affairs will remain the anchor tenant at the property for at least the next 25 years.

“That’s the thing people care about,” Sandals said.

Sandals said last year the province will not sell the building if it cannot do so at a profit.